Independent agents have been losing ground in the battle for personal lines market share to captive agents and direct writers, but the Independent Insurance Agents & Brokers of America will soon unleash a technology portal it feels will make producers competitive again.
Studies show the majority of buyers like to deal with an agent when purchasing insurance, but most begin their research for coverage over the Web, where direct writers and captive agents dominate searches. A recent report from Accenture says 72 percent of insurance buyers turn to the Web for carrier information while 56 percent turn to exclusive agents. That reality leaves independent agent's with a 33 percent share of the personal lines market.
Aiming to combat this reality, the IIABA formed the Trusted Choice brand in 2001 to promote the independent agency system. In a recent address to members in Washington D.C., IIABA Chairman Bob Bramlett claims the brand is successfully reaching out to potential customers through social media and has the second largest fan base following on Facebook in the insurance industry at 44,000.
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